Study Finds That a Lack of Regulation is Damaging Bitcoin in Numerous Regions

Cathy Mulligan, co-director of Imperial College London’s Center for Cryptocurrency Research and Engineering, stated that the lack of regulatory frameworks for Bitcoin and cryptocurrencies are holding back Bitcoin startups in many regions.
They target the country’s general consumer base due to the government’s unclear regulations toward Bitcoin and cryptocurrencies.
Startups are requesting clarity on regulations for Bitcoin and Blockchain development but the country’s regulators are yet to provide clear regulatory frameworks for the Bitcoin and Blockchain industries to grow.

The Japanese and Philippine governments introduced official regulatory frameworks on Bitcoin after recognizing it as legal tender and payment method.
Such clarity in the legality of Bitcoin allowed the Bitcoin industries in Japan and Philippines to experience a rapid rate of growth.